Regulatory Alerts2011-06-15
Added · Updated
AML Circular No. 27: Instructions for Non Profit and Non Government Organizations under the Money Laundering Prevention Act, 2009
Non Profit Organizations and Non Government Organizations in Bangladesh must formulate and board-approve Anti-Money Laundering and Combating Financing of Terrorism policies and nominate a senior contact officer. These entities are required to preserve detailed identification records of directors and customers, with specific thresholds of Tk. 75,000 for loans and Tk. 50,000 for deposits triggering verification, while all transactions of Tk. 1,00,000 or above must be routed through banking channels. Organizations must conduct quarterly AML/CFT training, ensure funds align with stated goals, and immediately report suspicious activities to Bangladesh Bank using Annexure 'Ka'. Additionally, entities receiving foreign aid must obtain clearance documents and cannot return funds without prior approval, while enhanced due diligence is mandatory for donors from FATF-listed countries.
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